Press Releases

National Bank of Canada signs $368 million agreement with Intria Items to outsource cheque, remittance, and currency processing

Montreal, 2 March 2004 -

The National Bank of Canada and INTRIA Items today announced a $368 million outsourcing deal over ten years. The outsourcing agreement will see INTRIA Items supply cheque, bill payment, and currency processing to the National Bank of Canada across the country. Currency services include ABM envelope processing, deposit processing, and cash supply to National Bank's ABM machines. The deal includes the transfer of several National Bank of Canada processing sites as well as nearly 600 employees who currently perform these services at National Bank.

"It is important for the National Bank of Canada to stay competitive and maintain an exceptional performance level in our field," explains Gisele Desrochers, SVP, Human Resources and Operations for National Bank of Canada. "This agreement will help the National Bank of Canada maintain optimal quality of service for our clients, provide our shareholders the best value there is, and enhance career opportunities for the employees in question, since they are joining a company that specializes in the kind of work in which they excel."

The National Bank of Canada cited INTRIA Items' national infrastructure, process management expertise, and regard in the industry for high-quality processing as reasons for its choice of outsourcing provider. INTRIA Items' capability also positions the National Bank of Canada well in anticipation of expected regulatory changes by the Canadian Payments Association (CPA).

"We are very excited about the mutual opportunities the deal affords," says INTRIA Items President & CEO, Ken Acheson. "And, while the technology is an important aspect of the agreement, we are extremely pleased that it was fundamentally INTRIA Items' reputation as a solid business provider of high quality, cost effective processing that made the difference."

INTRIA Items and one of its joint venture parents, Fiserv, Inc. of Wisconsin, are major providers of cheque and remittance processing in North America, and INTRIA Items is the largest outsourcer of currency processing in North America. INTRIA Items is currently constructing an advanced, purpose built processing centre in LaSalle in which it will integrate all of its Montreal-area operations, including some of the new National Bank of Canada business. INTRIA Items' quality management system is ISO 9001:2000 Registered.

About INTRIA Items Inc.

INTRIA Items handles more than a billion item processing tasks each year. A joint venture of CIBC and Fiserv, Inc., the company offers a comprehensive, integrated suite of services that includes cheque clearing, document imaging, file management, remittance processing, account and deposit processing, print and mail, and currency services – all delivered through our national network of 20 centres. Since 1996, INTRIA Items has provided dependable, scaleable solutions that empower clients to focus on their core business and improve profitability. To find out more about INTRIA Items, visit www.intriaitemsinc.com.

About the National Bank of Canada

National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. The National Bank has assets of close to $81 billion and, together with its subsidiaries, employs close to 17,000 people. The Bank's securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank's Website at www.nbc.ca.

Contact:

National Bank of Canada

Denis Dubé
Directeur des relations publiques/Public Relations Manager
Banque Nationale du Canada/National Bank of Canada
514-394-8644
denis.dube@bnc.ca

INTRIA Items

Montreal:

Henri Dubuc
Quebec & Eastern Ontario Operations
INTRIA Items
514-876-2317
henri.dubuc@intria.com

Toronto:

John Buck
SVP, Sales, Marketing & Client Relations
INTRIA Items
905-755-4758
john.buck@intria.com